ASX Runners of the Week: Immutep, Blue Star Helium & Patagonia Lithium Shine in Volatile Market
This week's financial landscape has been dominated by intense volatility, with the ASX experiencing significant downturns triggered by global events. Amidst this turmoil, a select few companies managed to defy the bearish trend, posting impressive gains and earning recognition as the top runners. The standout performers include Immutep Limited, Blue Star Helium Ltd, and Patagonia Lithium Ltd, each showcasing resilience and strategic positioning in their respective sectors.
Market Overview: Oil Prices and Geopolitical Tensions Fuel Declines
The week began with relative stability but quickly descended into chaos following a sharp drop in the Dow Jones Industrial Average, which fell by more than 2.5%. This triggered a subsequent 2% rout at the ASX opening bell, setting a negative tone for trading sessions. The primary driver behind this market upheaval has been the soaring price of oil, with Brent crude oil firmly settling above the US$100 per barrel mark. This surge is largely attributed to escalating conflicts in the Middle East, including an attack on Qatar's oil and gas terminal by Iran, which wiped out 17% of Qatar's LNG capacity and could take up to five years to rebuild.
Oil, accounting for nearly 30% of all input costs, is a critical lifeblood for industries worldwide, and its price spikes have serious inflationary implications globally. In response, the US Federal Reserve has adopted a hawkish stance, with experts now anticipating at least one 0.25% rate cut for the year. The ripple effects have been felt across the commodity complex, with copper prices dropping nearly 7% to US$11,800 per tonne and gold experiencing its biggest weekly loss in six years, shedding up to 10% at one point before recovering slightly.
The impact of oil shortages extends beyond financial markets, affecting operations in remote areas. For instance, Blue Cap Mining was forced to stand down two-thirds of its fly-in, fly-out staff due to diesel shortage fears. Additionally, Australia's top refined petroleum supplier, Malaysia, has warned of potential supply cuts if the conflict persists, further exacerbating concerns in one of the world's most resource-rich regions.
Top Performers: ASX Runners Defy the Downturn
Despite the pervasive gloom, three companies managed to achieve substantial gains, highlighting opportunities even in challenging times. Here are the details on each runner:
Immutep Ltd (ASX: IMM)
Up 53% (4.5c – 6.9c)
Immutep Limited, an oncology biotech firm, emerged as the Bulls N' Bears Runner of the Week with a 53% surge. This gain represents a sharp rebound from a devastating previous week, where the company lost nearly 90% of its value, or around half a billion dollars in market capitalization. The decline followed an independent commission's recommendation to discontinue its TACTI-004 Phase III study for non-small cell lung cancer, involving its lead candidate, eftilagimod alfa (efti).
Despite this setback, Immutep reported having approximately $99 million in cash as of the first half of FY26, creating a scenario where its market cap fell below its cash backing. The company plans to halt enrolment and wind down the trial in an orderly manner, focusing instead on advancing the rest of its pipeline. A silver lining is that with the TACTI-004 trial off the books, Immutep now expects its cash runway to extend beyond the previous guidance of the second quarter of calendar 2027, offering some financial stability amidst clinical challenges.
Blue Star Helium Ltd (ASX: BNL)
Up 50% (0.6c – 0.9c)
Blue Star Helium secured second place with a 50% increase, driven by its focus on alternative fuels at a time of heightened energy needs. The company's Galactica joint venture, linked to its Pinyon Canyon processing plant in Colorado, is nearing commercial helium production, with the share price rising about 80% this month. Key milestones include the commissioning of the plant, carbon dioxide stripping from helium-rich gas streams for cleaner processing, and the establishment of spot helium sales arrangements.
First helium production occurred in December of last year, followed by the recovery unit coming online and the first tube trailer departing in January. Blue Star is now focused on scaling up operations through 2026, with plans for additional well tie-ins and infill drilling to boost throughput. As oil and gas markets remain volatile, Blue Star's helium initiatives provide a timely alternative for off-takers seeking to avoid high oil prices, positioning the company for potential long-term revenue growth.
Patagonia Lithium Ltd (ASX: PL3)
Up 43% (14c – 20c)
Patagonia Lithium rounded out the top runners with a 43% gain, despite no recent news announcements. The surge is likely fueled by anticipation of imminent assay results and a potential resource upgrade at its Argentina lithium project in the Lithium Triangle. The company recently completed a February drilling campaign at its Formentera project in Jujuy Province, Argentina, where the sixth well intersected 180 meters of porous, brine-hosting sands—ideal geology for lithium brine extraction.
Strong flow rates, high specific gravity, and exceptional conductivity readings suggest high lithium content, with nine brine samples awaiting lab assays. Patagonia currently holds a resource of 551,000 tonnes of lithium carbonate equivalent, but the latest drilling results have raised expectations for an upgrade into higher-confidence "indicated" territory. With lithium prices recovering from last year's downturn, Argentina's brine projects are regaining favor due to their lower operating costs and scalability, making Patagonia a promising player in the sector.
Conclusion: Navigating Market Challenges
In a week marked by significant market declines and geopolitical tensions, Immutep, Blue Star Helium, and Patagonia Lithium demonstrated that strategic positioning and sector-specific opportunities can yield gains even in bearish conditions. As investors navigate ongoing volatility, these runners offer insights into the resilience of biotech, alternative energy, and lithium sectors. For more updates on ASX-listed companies making waves, stay tuned to financial news sources.
